Number of bankruptcy filings nationwide by chapter U.S. 2007-2019

Bankruptcies in the United States peaked in 2010, when 1.14 million Chapter 7 bankruptcies and 439,000 Chapter 13 bankruptcies were filed. These figures have since dropped to 484,000 and 283,000 respectively in 2019.

Chapter 7 bankruptcies are where the debtor’s assets are liquidated to repay as much debt as possible, while Chapter 13 bankruptcies are where the terms of the loan are changed so that the debt can be repaid over a longer period. Both are predominantly filed by private individuals.

Annual number of bankruptcy cases filed in the United States from 2007 to 2019, by chapter

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Source

Release date

December 2019

Region

United States

Survey time period

2007 to 2019

Supplementary notes

* Includes cases filed under chapters 9, 12 and 15 as well as Section 304. Value calculated by Statista using figures provided by the source.

Values prior to 2019 taken from previous reports.

Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold.

Chapter 11 bankruptcy is where the debtor negotiates with their creditors to alter the terms of their repayments. While the terms of the loans are changed, the outstanding debt still needs to be repaid.

Chapter 13 bankruptcy is where debtors propose a repayment plan over a three- to five-year period. It is only available to those with sufficient disposable income to service their debts and allows for the debtor to avoid the sale of their assets to repay their outstanding debt.

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Statistics on "Bankruptcy in the U.S."

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